Communities (rural)

Multi-Unit Residential Loan Program

Amount:

No Fixed Amount

Type of Program:

Loan

Description:

The Multi-Unit Residential Loan Program provides loans to property developers which will assist in the construction of multi-unit residential developments on PEI. A multi-unit development consists of 2 or more units.

Comments on Funding:

Funding will be up to a maximum of $4M, with up to a maximum of 90% loan to value for new construction and up to a maximum of 80% of loan to value for renovations.
There will be a 4% fixed interest rate for up to a 10 year term amortized over 25 years (30 years on exception in rural areas).
Loan may be prepaid at any time, without penalty.

Securities are required: first position mortgage, and unlimited personal guarantees.
The borrower and guarantor must provide their covenant/guarantee for 100% of the loan for deficiency after enforcement of security.

When It Ends:

Ongoing

Deadline:

Rolling deadline

Eligibility:

Applicants must:

be in the Community Housing sector (e.g. non-profit housing organizations and rental co-operatives),
private entrepreneurs/builders/developers,
demonstrate property management experience,
have excellent credit and repayment history at least break even cash flow over past five years,
demonstrate construction management experience,
demonstrate the financial viability of the project itself, as well as capacity to deal with development risks such as cost over-runs and delays in construction.

Application Steps:

Applicants must:

complete and submit an application and relevant business plan and projections to an account manager with Finance PEI,

participate at an interview with the account manager to discuss the business proposal and the next steps to determine eligibility.

Documentation Needed:

Applicants must submit:

1
an application,
2
business plan or “business plan form”,
3
current “statement of personal financial affairs form” for all shareholders and any proposed third party guarantors,
4
accountant prepared financial statements including balance sheets and income statements for last three years,
5
aged listing of accounts receivable and accounts payable ,
6
written verification of all debt outstanding with major creditors (“credit verification form” to be completed by your major creditors),
7
detailed list and estimated value, of land, buildings, and equipment owned (include the applicable provincial id number(s)),
8
resume of owners (new applicant),
9
copy of letters of patent or articles of incorporation,
10
income tax returns for the last three years for each individual partner, if a sole proprietor/partnership,

11
a copy of the trade name registration, if operating under a trade name,
12
breakdown of working capital requirements to include cashflow projections for remainder of current year and next year, if applicable,
13
interim financial statements for current year to date, current aged accounts receivable, accounts payable and projected to year end, if applicable,
14
details of current inventory, if applicable,
15
copy of purchase and sale agreement, if applicable,
16
copy of legal description and survey of real property being purchased, if applicable,
17
written cost estimates for new construction and/or renovations. other information pertinent to the request, if applicable,
18
other information pertinent to the request.

Program Contact:

Multi-Unit Residential Loan Program

Application for Financial Assistance

Community Futures

Amount:

No Fixed Amount

Type of Program:

Loan & Loan Guarantee & Investment

Description:

The Community Futures program helps to create jobs in rural areas. This is done with the help of more than 40 Community Business Development Corporations (CBDCs) throughout Atlantic Canada.

Comments on Funding:

The financial help will take the form of loans, loan guarantees and equity financing.

When It Ends:

Ongoing

Deadline:

Rolling deadline

Eligibility:

The applicant must:

The applicant must be CBDC throughout Atlantic Canada.

Atlantic Canada businesses should check with their nearest CBDC office for eligibility criteria.

Application Steps:

Applicants must visit cbdc.ca to find the nearest CBDC office, or call 1-888-303-2232 toll-free.

Other Things to Note:

I. CBDCs help launch small businesses and expand and modernize existing ones. Through the CBDCs, you could get:

1
financial help in the form of loans, loan guarantees and equity financing;
2
business counselling and advice to help you succeed;
3
entrepreneurship development and training to address skills gaps;
4
technical help in the form of guidance and coaching.

II. Applicants should check with their nearest CBDC office for further details.

Program Contact:

Community Futures

Homepage | CBDC

Community Capacity Building Program – Rural Growth Initiative

Amount:

$20,000

Type of Program:

Grants

Description:

The Community Capacity Building Program provides financial assistance in the form of a non-repayable contribution to non-profit organizations and cooperatives and municipal governments to cultivate high levels of strategic expertise to support rural communities in Prince Edward Island to identify solutions for complex problems.

Comments on Funding:

Funding is normally up to 50% of eligible costs, up to $20,000 per application.
The applicant should normally contribute a monetary minimum of 10% of the total project cost (in kind ineligible).
Federal and Provincial funding cannot normally exceed 75% of the total project costs.

When It Ends:

Ongoing

Deadline:

Rolling Deadline

Eligibility:

The applicant must:

Incorporated and non-profit organizations which have a mandate for community and/or economic development,
non-profit cooperatives that do not share dividends,
municipal governments,
having projects that cultivate high levels of strategic expertise to support rural communities in Prince Edward Island to identify solutions for complex problems.

Application Steps:

Applicants:

should contact a Community Development Officer prior to preparing an application for funding,

must submit their applications to the attention of the Community Development Officer via email at RGPR-CPRMR@gov.pe.ca or via regular mail.

Program Contact:

Community Capacity Building Program - Rural Growth Initiative

Economic Growth Program – Rural Growth Initiative

Amount:

$50,000

Type of Program:

Grants

Description:

The Economic Growth Program provides financial assistance in the form of a non-repayable contribution to non-profit organizations and cooperatives and municipal governments to reduce barriers for economic growth through investing in activities which cultivate entrepreneurialism and support the implementation of strategic economic development plans.

Comments on Funding:

Funding is normally up to 50% of eligible costs, up to $50,000 per application.
The applicant should normally contribute a monetary minimum of 10% of the total project cost (in kind ineligible).
Federal and Provincial funding cannot normally exceed 75% of the total project costs.

When It Ends:

Ongoing

Deadline:

Rolling deadline

Eligibility:

The applicant must:

Incorporated and non-profit organizations which have a mandate for community and/or economic development,
non-profit cooperatives that do not share dividends,
municipal governments,
having projects which cultivate entrepreneurialism and support the implementation of strategic economic development plans in rural areas on Prince Edward Island.

Application Steps:

should contact a Community Development Officer prior to preparing an application for funding,

must submit their applications to the attention of the Community Development Officer via email at RGPR-CPRMR@gov.pe.ca or via regular mail.

Program Contact:

Economic Growth Program - Rural Growth Initiative

Inclusive Communities Program – Rural Growth Initiative

Amount:

$2,500

Type of Program:

Grants

Description:

The Inclusive Community Program provides financial assistance in the form of a non-repayable contribution to non-profit organizations and cooperatives and municipal governments to cultivate inclusiveness and support population retention rates by promoting a culture where newcomers feel they belong and their skills are valued.

Comments on Funding:

Funding is normally up to 50% of eligible costs, up to $2,500 per application.
The applicant should normally contribute a monetary minimum of 10% of the total project cost (in kind ineligible).
Federal and Provincial funding cannot normally exceed 75% of the total project costs.

When It Ends:

Ongoing

Deadline:

Rolling Deadline

Eligibility:

The applicant must:

Incorporated and non-profit organizations,
non-profit cooperatives that do not share dividends,
municipal governments,
having projects that will promote a culture where Prince Edward Island newcomers feel they belong and their skills are valued (events, networking, training and workshops, conferences, and others).

Application Steps:

Applicants:

should contact a Community Development Officer prior to preparing an application for funding,

must submit their applications to the attention of the Community Development Officer via email at RGPR-CPRMR@gov.pe.ca or via regular mail.

Program Contact:

Inclusive Communities Program - Rural Growth Initiative